The Security Encryption Act aims to combat cryptocurrency fraud, and lawyers say it will deter crypto fraudsters

U.S. Senators Elissa Slotkin (Democrat) and Jerry Moran (Republican) introduced the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act (SAFE Act) this Monday. The bill aims to coordinate the actions of the U.S. Department of the Treasury, law enforcement agencies, regulatory bodies, and the private sector to combat cryptocurrency fraud and scams.

Gabriel Shapiro, Chief Legal Officer of Delphi Labs, stated on the X platform that if the bill is effectively implemented, cryptocurrency fraudsters and scammers may feel panic. He pointed out that senior officials, including the U.S. Attorney General, the director of the Financial Crimes Enforcement Network (FinCEN), and the director of the U.S. Secret Service, will be involved in pursuing cryptocurrency criminals. The FBI reported that in 2024, Americans lost $9.3 billion due to cryptocurrency-related investment scams, a 66% increase from 2023.